welcome to granular investments

Granular Investments is a London-based specialist advisor for insurance and reinsurance companies that want to participate in the growing European bank capital relief market by offering credit risk protection on loan portfolios.

About Us

Based in London and established in 2019, Granular Investments is a specialist advisor for re/insurance companies that want to participate in the growing European bank capital relief market by offering credit risk protection on loan portfolios.

By properly transferring credit risk on a portfolio to a highly rated re/insurer, banks can reduce their regulatory capital needs if they meet certain conditions required by their supervisors. This market now covers €100bn of new loans each year.

Our Services

Granular Investment assists its insurance and reinsurance clients in all aspects of credit risk transfer deals:

Bank relationships

Ongoing relations with the majority of European banks active in the portfolio credit risk transfer space, plus several of those considering entering. We also have an active dialogue with European banking regulators and the leading law firms and advisers.

Deal Origination

Deal sourcing, based on our client risk appetite.

Deal structuring

Deal structuring, keeping into account bank needs, regulatory requirements and our client preferences.

Deal analysis

From an underwriting, pricing and capital modelling perspective. This is done in coordination with the re/insurer analytics team keeping in mind their internal modelling approach.

Lender analysis

With on-site due diligence.

Portfolio due diligence

Coordinating external resources where necessary.

Contract negotiations

Including selection and management of adequate law firms.

Deal syndication

Within our group of clients, keeping into account individual preferences for risk appetite and deal size. By providing multiple counterparty exposure on the same deal, the bank and their supervisors can significantly reduce their concerns around a potential default or major downgrade of an unfunded protection provider.

Tax & Legal

Coordination of tax, accounting, legal opinions with the relevant external advisors (we do not provide legal, tax, accounting advice).

Overall deal coordination

Providing our re/insurer clients with regular progress updates and assisting with the internal approval process.

How it Works

A short introduction to the regulatory environment and criteria that allow banks to optimize their capital through credit risk transfer.

Remuneration

Granular Investments acts as advisor to insurance and reinsurance companies on credit risk transfer deals between them and European banks. Our clients are the re/insurers, to whom we owe our duty of care while treating fairly all parties in the transaction. We are paid by the re/insurers only, and not by the banks.

Granular Investments normally receives a percentage of the protection fee paid by the bank to the re/insurer, who is able to accept or decline each individual deal. Where Granular Investments has more discretion in the final underwriting decision, a pricing model with a performance component can be envisaged.

Our market in Europe...

0 trillion
Loans
0 bn
protected loans annually
0 bn
protected junior tranches annually
0 years
average deal life

Our Team

The founders of Granular Investments have decades of experience in banking, insurance and securitisation, and have been the first to achieve recognition for such deals in Europe since the financial crisis.

  • Decades of experience
  • Excellent credit performance
  • Outstanding regulatory competence
  • Structuring, analytical and negotiation skills
  • Really nice guys

Former CEO of Arch Mortgage Insurance. Responsible for multi-billion mortgage credit risk portfolio across Europe, with outstanding performance.

Giuliano Giovannetti

Co-Founder

Former CEO of Arch Risk Partners and Managing Director at Arch Underwriters Europe. Previously Head of Capital Markets at PMI Europe, and before then 20 years in investment banking and securitisation.

Richard Sullivan

Co-Founder

Contact us

Use our contact details below or send us a message and we’ll be in touch!